Answer: Up to 85% of social security benefits can be taxed. Whether your benefits will be taxed depends upon your total income from both taxable and tax-exempt sources. Once your total income reaches $25,000 ($32,000 for married couples), a portion of your benefits will be subject to income tax.

This is important to know as you start receiving benefits. It may impact how much you are willing to work in a part time job and it may impact the amounts you withdraw from retirement accounts.